Euro Remains Low As U.S. Economy Shows Signs Of Strength
Lui Andersen | May 21, 2015 12:41AM ET
EUR/USD Open 1.1097 High 1.1153 Low 1.1061 Close 1.1091
On Wednesday, euro/dollar decreased with 85 pips. The European currency depreciated from 1.1153 to 1.1061 yesterday, matching the negative money flow sentiment at under -9%, closing the day at 1.1091. This morning the euro is trading quietly, with movements within yesterday's range for now.
On the 1 hour chart the upward channel is turning into scope trading, while on the 3 hour chart wide trading range has formed. Break above the nearest resistance and yesterday's top at 1.1153 may trigger further strengthening of the euro. Going below today's bottom and first support at 1.1061, however, would confirm continuation of the bearish trend, towards next objective downwards 1.0950.
Quotes are moving just above the 20 and below the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.1153 1.1266 1.1390
Technical support levels: 1.1061 1.0950 1.0826
Yesterday +50 pips gained on EUR/USD from the following signal:
5:30 GMT+1 Down EUR/USD at 1.1143 Limit 1.1169 Target 1.1093, Target reached at 7:18 GMT+1.
Total yesterday +172, as shown at the website.
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